Story of Union Life Insurance

To follow the innovative vision and strong needs of cooperatives to have their own financial resource as a core institution for securing life and asset of cooperative members, families and cooperative itself the Cooperative Promotion Department (CPD) and Cooperative League of Thailand (CLT) with the great assistance of Friedrich Ebert Stiftung (FES), Germany attempted to initiate the Central Financial Institution for Thai cooperative movement which plays the key role as the financial resource and supports cooperative' businesses all over Thailand. By year 1975, the special study for insurance business feasibility was innovated with fully hopes to provide most advantages for cooperatives and its' members.



On 12 October 1993 the Council of Ministers approved to establish the insurance company of cooperative movement then started to motivate 2,254 cooperatives shareholders and submitted the company registration form on 24 October 1994 by 8 inception leaders with the authorized capital of THB 208.5 Million or around US$ 6.95 Million (US$ 1 = THB 30). On 17 March 1995 has been approved by Insurance Department, Ministry of Commerce to operate life insurance business.

Vision

เBeing the leading cooperative insurance business for all on strengthening financial stability, life soundness, and socio-economy

Mission

  1. Enhance life insurance business plays the key role in strengthening cooperative system's safe and sound, and improving life quality for cooperative members and all through various life insurance products development to meet the needs and the most satisfy of cooperatives and customers as well as expanding market network
  2. Promote and support long term saving to cooperative members and insured persons for being the major financial institution of Thai cooperative movement
  3. Develop and improve management efficiency and standard through information network linkage with relevant organizations
  4. Develop human resources to pace with modern technology and enhance team working for company's achievement
  5. Seriously ongoing develop cooperatives, members, and society, support cooperative's activities locally and nationally as well as promote and indoctrinate youth's good values